Any takers for Toronto?
Being one of Canada’s most developed cities, it is easy to see why Toronto has an increasingly large population of British expats.
The city has an established infrastructure, including an advanced public transport network, as well as some fine examples of architecture, notably the Distillery District with its Victorian industrial buildings. There’s also the bonus of it being a shorter flight time from the UK compared to West Canada.
Culturally the city is also rich with various museums and opera houses to visit, many of which have been recently renovated. For lovers of the outdoors Toronto offers a great location with two great lakes nearby.
Toronto’s popularity has not been lost on the real estate market. If you are in the market for a property you will find that prices in general are going up, with January 2012’s average home price being 4.1 per cent higher than the year before. The growth of the market, however, can in part be attributed to a lack of inventory.
With more properties coming on to the real estate market, particularly condominiums and apartments, the growth in prices will slow down. Condos have already begun to show some evidence of this slowing down with month on month average prices being 2.8 per cent lower in January 2012 when compared to December 2011.
Even with an increase in average prices Toronto is still an attractive option to large numbers of people keen to invest in property, helped in no small part by banks offering vey low fixed rate mortgages. The steady growth and the fact that buyers have not been deterred from entering the market help to show the local economy and real estate market is stable. This stability, when added to the overall attraction of the city, its cultural heritage and modern facilities demonstrates why Toronto will continue to be one of the most common destinations for expats moving to Canada.
For details of properties for sale in Canada, visit the Canada listings on Rightmove Overseas. Preparation for anyone considering a move to Canada should include planning for the transfer of your pounds into Canadian dollars. For information on how to do this safely and save money when doing so – giving you more to spend on shopping – speak to currency exchange specialist Smart Currency Exchange.
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